XML 16 R8.htm IDEA: XBRL DOCUMENT v3.24.4
Basis of Preparation and Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
Basis of Preparation and Significant Accounting Policies [Abstract]  
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES
3BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

 

3.1Basis of preparation

 

These condensed interim consolidated financial statements are for the six-month periods ended June 30, 2024 and 2023 and are presented in United States Dollars (“USD”), which is the functional currency of the Group. They have been prepared in accordance with IAS 34‘Interim Financial Reporting’.

 

These condensed interim consolidated financial statements do not include all of the information required in annual consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) and should be read in conjunction with the consolidated financial statements for the year ended December 31, 2023. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements.

 

These condensed interim consolidated financial statements were approved for issue by the Board of Directors on December XX, 2024.

 

3.2Basis of consolidation

 

Subsidiaries are consolidated from the date of their acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that control ceases. The financial statements of subsidiaries are prepared for the same reporting period as the parent Group, using consistent accounting policies. Intra-group balances and transactions, including unrealized profits arising from intra-group transactions, have been eliminated. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. Non-controlling interests represent the equity in subsidiaries that is not attributable, directly or indirectly, to the Parent shareholders.

 

Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has:

 

ØPower over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee),

 

ØExposure, or rights, to variable returns from its involvement with the investee, and

 

ØThe ability to use its power over the investee to affect its returns.

 

Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

 

ØThe contractual arrangement with the other vote holders of the investee

 

ØRights arising from other contractual arrangements

 

ØThe Group’s voting rights and potential voting rights

 

The Group re-assesses whether it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the condensed interim consolidated statement of comprehensive income from the date the Group gains control until the date the Group ceases to control the subsidiary.

 

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.

 

If the Group loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interests and other components of equity, while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value.

 

Details of subsidiaries as at June 30, 2024 and December 31, 2023 were as follows:

 

Subsidiaries  % of legal ownership
June 30, 2024		   % of legal ownership December 31, 2023  

Country of

Incorporation

  Principal business
activities
               
Anghami Cayman   100%   100%  Cayman  Music streaming
Anghami Technologies Ltd   100%   100%  UAE  Music streaming
Spotlight Recreational Services LLC   100%   100%  UAE  Live events
Anghami FZ LLC   100%   100%  UAE  Music streaming
Digimusic SAL Offshore   94%   94%  Lebanon  Music streaming
Anghami KSA   100%   100%  Saudi Arabia  Music streaming
Anghami for Digital Content   100%   100%  Egypt  Music streaming

 

The carrying amount of the Group’s investment in the subsidiary and the equity of the subsidiary is eliminated on consolidation.

 

3.3New and amended standards and interpretations

 

A number of amended standards became applicable for the current reporting period. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards.

 

3.4Accounting policies

 

The accounting policies used for the condensed interim consolidated financial statements for the six-month period ended June 30, 2024 are consistent with those used in the annual consolidated financial statements for the year ended December 31, 2023.

 

3.5Critical accounting judgements, estimates and assumptions

 

When preparing the condensed interim consolidated financial statements, management undertakes a number of judgements, estimates and assumptions about recognition and measurement of assets, liabilities, income and expenses. The actual results may differ from the judgements, estimates and assumptions made by management, and will seldom equal the estimated results. The judgements, estimates and assumptions applied in the condensed interim consolidated financial statements for the six-month period ended June 30, 2024 and 2023, including the key sources of estimation uncertainty, were the same as those applied in the Group’s annual consolidated financial statements for the year ended December 31, 2023.